Papaya Global St. Vincent & Grenadines FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global St. Vincent & Grenadines… functions on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being more and more complicated Worldwide companies are looking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain separate bank accounts often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included best and what does

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it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Organizations are continually introducing new advantages and payment alternatives, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically advanced era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s greatest cost, should be processed correctly and on time. Even small delays can adversely impact workers’ wellness and have far-reaching effects. Therefore, it’s critical to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll option for your employees internationally again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand how how important a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to main separate savings account there are Papaya Global St. Vincent & Grenadines organizations out there doing exactly this for specific nations and I have actually worked in a service or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but eventually people are really stuck to what they recognize

with right um change is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple savings account however there’s a big quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I think the sincere answer is modification um people haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global St. Vincent & Grenadines